presentation to investors - april 2019 - world line · merchant services 138.1 +111.4 +1.3 250.8...

| Worldline Q1 2019 Results| © Worldline 2

Disclaimer

This document contains forward-looking statements that involve risks and uncertainties, including references, concerning the Group's expected growth and profitability in the future which may significantly impact the expected performance indicated in the forward-looking statements. These risks and uncertainties are linked to factors out of the control of the Company and not precisely estimated, such as market conditions or competitors behaviors. Any forward-looking statements made in this document are statements about Worldline’s beliefs and expectations and should be evaluated as such. Forward-looking statements include statements that may relate to Worldline’s plans, objectives, strategies, goals, future events, future revenues or synergies, or performance, and other information that is not historical information. Actual events or results may differ from those described in this document due to a number of risks and uncertainties that are described within the 2017 Registration Document filed with the Autorité des Marchés Financiers (AMF) on March 21, 2019 under the filling number: D.19-0185. Revenue organic growth and Operating Margin before Depreciation and Amortization (OMDA) improvement are presented at constant scope and exchange rates. OMDA is presented as defined in the 2018 Registration Document. Global Business Lines include Merchant Services (in Argentina, Belgium, Brazil, Czech republic, France, Germany, India, Luxembourg, Malaysia, Poland, Spain, Sweden, Switzerland, The Netherlands, United Kingdom, USA), Financial Services (in Belgium, China, Estonia, Finland, France, Germany, Hong Kong, Indonesia, Italy, Latvia, Lithuania, Luxembourg, Malaysia, Singapore, Spain, Switzerland, Taiwan, The Netherlands and the United Kingdom), and Mobility & e-Transactional Services (in Argentina, Austria, Belgium, Chile, China, France, Germany, Spain, The Netherlands, and United Kingdom). Worldline does not undertake, and specifically disclaims, any obligation or responsibility to update or amend any of the information above except as otherwise required by law. This document does not contain or constitute an offer of Worldline’s shares for sale or an invitation or inducement to invest in Worldline’s shares in France, the United States of America or any other jurisdiction.

| Worldline Q1 2019 Results| © Worldline

FIRST QUARTER 2019

Gilles Grapinet CEO Worldline


● Revenue: €560 million

– +42.6% revenue growth at constant exchange rates

– +6.2% revenue organic growth, fully in line with the full year objectives

● Strong dynamic of commercial acquiring in all our countries

● Many business units posting double digit growth rates

First quarter 2019 revenue fully in line with the objectives set for the year

● Fast progress of the SIX Payment Services integration program

● Solid commercial trends

● Strategic change regarding the control of Worldline announced by Atos in January very well received in the financial market

● All activities started to make Worldline fully standalone in the coming quarters

● Ideal positioning for the second wave of the European payment industry consolidation


6% to 8% organic growth REVENUE

Between 24.8% and 25.8%* OMDA

Between €275 million and €290 million including synergy implementation costs

FREE

CASH

FLOW

*: Corresponding to an initial guidance of 23% to 24% pre IFRS 16 impact estimated at c.+180 basis points on OMDA.

All 2019 objectives confirmed


FIRST QUARTER 2019

Eric Heurtaux CFO Worldline


Constant scope and exchange rate figures reconciliation

In € million Q1 2018Scope

effects**

Exchange

rates

effects

Q1 2018*

Merchant Services 138.1 +111.4 +1.3 250.8

Financial Services 178.4 +23.3 +0.7 202.4

Mobility & e-Transactional Services 77.6 -3.8 73.8

Worldline 394.1 +134.7 -1.7 527.1

* At constant scope and March 2019 YTD average exchange rates

** At December 2018 YTD average exchange rates

Revenue


Revenue performance by Global Business Line

In € million Q1 2019 Q1 2018* % Growth

Merchant Services 261.8 250.8 +4.4%

Financial Services 213.2 202.4 +5.3%

Mobility & e-Transactional Services 84.6 73.8 +14.6%

Worldline 559.6 527.1 +6.2%

* At constant scope and March 2019 YTD average exchange rates

Revenue

38% Financial Services

15% Mobility & e-Transactional Services 47%

Merchant Services


Q1 2019 Revenue performance by Global Business Line

+4.4%*

*: at constant scope and March 2019 YTD exchange rates

Merchant Services

Financial Services

Mobility & e-Transactional Services

Mid-single digit growth in Merchant Payment Services: • Commercial Acquiring grew high

single digit • Online acquiring transactions volumes

grew double digit • Decrease of sales of Payment

Terminals.

Merchant Digital Services nearly stable: • Good volumes in Iberia and Benelux • Lower sales of digital kiosks and

projects in the UK.

Merchant Services Q1 2019 org. growth above 7.5% excluding terminals

Issuing processing: high single digit growth thanks to • Strong authentications transactions • Good project activity

Double-digit growth in Account Payments from: • Good SEPA payment volumes • Strong iDeal volume growth

(+26%) • Commerzbank contract ramp-up.

Strong growth in Digital Banking

Lower Acquiring processing revenue, (high comparison basis in Q1 last year)

All three business lines post solid double digit growth rates:

e-Consumer & Mobility strongest contributor

Growth in e-Ticketing supported by: • Start of “Smart Navigo” program • Open payments solutions for various

French cities.

Strong momentum in Trusted Digitization: • French government agencies; • Ramp-up of contracts aiming at

securing payments of excise taxes for tobacco products.

+5.3%* +14.6%*


As a consequence of the Atos announced distribution of 2 Worldline shares for every 5 Atos shares owned on May 7th 2019, Worldline free float is expected to double.

In liaison with Atos, 3 banks have been consequently selected to facilitate the education of the financial markets.

Set up of a comprehensive roadshow program over 2 weeks, with numerous meeting requests received from long-only funds mentioning interest for large positions in Worldline, thanks to the increased liquidity.

Official announcement of MSCI that Worldline should satisfy the size and liquidity criteria to be added the day of the distribution to the Mid Cap segment of the MSCI Global Standard indexes.

Atos distribution of Worldline shares carefully managed

10


Marc-Henri Desportes Deputy CEO Worldline

FIRST QUARTER 2019


Fast progress of the SIX Payment Services integration Good start of the execution of the synergy plan Organization live since December 1st showing a very smooth joint-culture work

and team spirit; Processes and 1st wave of tooling change done on time for the integration

All tracks fully operational and delivering as per of the plan, with first tangible results including:

Usual work that boosted equens profitability on IT and resources near-shoring applied and already showing results

Joined teams for platform migration project created and operational

Full confirmation of the c.€110 million run rate OMDA improvement target in 2022 (of which c.25% to be delivered in 2019 and c.50% in 2020)

2019 project portfolio rationalization

synergies already secured to date

Saferpay e-commerce solution launched in Belgium and NL with first customer wins

New major 3D Secure/ACS contract

secured in Switzerland and Austria

Combined product roadmap in

commercial acquiring defined and put on

tracks


• Intense activity to adapt to new PSD2 on-line security requirement

• Signature of a large contract for on-line

payment dual factor authentication with a large organization in the DACH

region.

• Fraud management solution sold to one

of the largest Nordic banks.

• PSD2 fraud report sold to 17 European

banks to date

• Several new contracts signed with

PSD2 compliant Third Party

Providers to develop Account Information Services and Payment

Initiation Services.

KEY ACHIEVEMENTS & BUSINESS UPDATE

• Acceleration in the number of transaction acquired in Europe and the rest of the world (+12% like-for-like) in an overall dynamic market

• New e-commerce Pan-European commercial acquiring contract signed with American Express Global Business Travel: • 16 European countries + Hong-Kong • 3-year contract.

• Large contract signed with the Swedish company Speed Services to equip photo booths, lockers, vending and ticketing

• Revenue synergies with SIX Payment services materialization through a payment collecting solution developed with Citibank for Shell in Germany.

In e-Ticketing, two new Open Payment contracts signed in France:

• Build of a mobility pass combining public transport, car sharing and biking

• Build of a new Open Payment service on shuttle buses connecting airports with the city center.

In Trusted Digitization:

• Worldline track & trace solution retained by 4 governments in the frame of the European Tobacco Directive to enable the correct collection and payment of excises and taxes;

• Renewal of two issuing processing contracts for major German health insurances cards.

KEY ACHIEVEMENTS & BUSINESS UPDATE KEY ACHIEVEMENTS & BUSINESS UPDATE

MAIN Q1 2019 SIGNINGS

13

Merchant Services Financial Services Mobility

& e-Transactional Services


Focus on the Global Verticals sales organization of Merchant Services

6 Main Global Verticals :

Mission statement Core value propositions/solutions

Petrol One-Stop-Shop payment solution provider for the petrol industry. Be the first choice for petrol companies in our target markets regarding cashless payment.

• One-Stop-Shop Petrol solution for our target markets • Strong consulting competence • Long-term dedicated Key Account Managers

Digital Business Grow global merchants’ e-commerce business. Country-specific technical and regulatory expertise enabling design of the best solution.

• Global capabilities & reach with a single integration • Unified reporting & dedicated account management • Knowledge to take a global customer local everywhere

in the world

Large Retail Provide leading omni-channel, plug&play payment solutions for retail customers. Build long-term profitable & trusted partnerships with our clients across all retail outlets.

• Precise reporting from detailed internal data resources • Scalable enabling and acquiring solutions • Dedicated Premium Customer Support for daily business

Hospitality Combine internal hospitality industry know-how with dedicated PSP solutions expertise. Provide best-in-class Payment Services for Hospitality Customers

• State of the art solution combining SIX services and solution from partner 3CP

• Excellent existing network within the industry

Travel Follow our merchants with their expansion strategy to other countries. Be the first choice for travel retail, travel agencies, destination management, car rental and cruises.

• One stop shop with acquiring services, DCC, and value added services

• Multi & Omnichannel solutions (One Commerce Hub)

Value-Added Resellers

Parking/Vending

Become the first point of contact for the Vending & Parking industry in Europe with an E2E-Solution. Provide best-in-class Payment Services for the Vending & Parking industry.

• VALINA • Customised E2E-Solution in Europe • Dedicated Global Account Managers and experienced

Presales

14


Gilles Grapinet CEO Worldline

FIRST QUARTER 2019


Q1 2019 KEY TAKEAWAYS

3 months after Atos’ announcement: • Reshaped corporate governance and

Board of Directors, to be finalized during the April 30th AGM

• Set up of the Atos-Worldline Alliance

• Preparation for full standalone status well on track

M&A and European consolidation more than ever a priority focus: • Increased strategic

flexibility allowing the Group to reaffirm its successful strategy

• Financial autonomy

• Start of the year fully in line:

- All 3 business lines well in motion towards the expected acceleration throughout the year

- Solid double digit performances in many business units

• Confirmation of all full year 2019 objectives.

• SIX Payment Services integration on track

16


WORLDLINE: EMPOWERING THE CASHLESS SOCIETY

MERCHANT SERVICES • Commercial

Acquiring • Omnichannel

Payment Acceptance

• Payment Terminals Solutions

• Digital Retail Services

> €1.0 billion annual revenue (47%) 400K+ Merchants in Europe

c. €2.2 bn

A N N U A L R E V E N U E*

c. 11,500 E M P L O Y E E S

32 C O U N T R I E S

*: 2018 pro forma revenue

FINANCIAL SERVICES • Issuing Processing • Acquiring

Processing • Account Payments • Digital Banking €0.9 billion annual revenue (39%) 320+ Financial Institutions

MOBILITY & E-TRANSACTIONAL SERVICES

• Trusted Digitization • eConsumer & Mobility • e-Ticketing €0.3 billion annual revenue (14%) 350+ Customers on various industries

18

A best-in-class execution since IPO consolidating and strengthening Worldline leadership in Europe


215 235

258

335

391

470

18.7 %

21.2%

17,00

19,00

21,00

23,00

25,00

27,00

€ 0 m

€ 100 m

€ 200 m

€ 300 m

€ 400 m

€ 500 m

2014 2015 2016 2017 2018 2018 PF

Powerful transformation of Worldline’s financial profile since IPO thanks to the combination of organic growth and M&A

REVENUE EXPANSION (€ bn)

OMDA (€ m)

FREE CASH FLOW (€ m)

Market capitalization: > x 4

>> STRONG F INANCI AL LEVERAGE AVA I LABLE >>

114 129

140

176

207

2014 2015 2016 2017 2018 (1)

20

19 quarters of uninterrupted growth

Value accretive strategy: +250bps on OMDA margin

since 2014

Solid and constantly growing cash flow generation

1.1 1.2 1.3

1.6 1.7

2.2

2014 2015 2016 2017 2018 2018

PF


FINANCIAL SERVICES MERCHANT SERVICES

Solid execution of a visionary consolidation strategy since IPO

21

Anchored M&A strategy in Worldline DNA fueling growth, value creation and innovation

Successful integration of 8 acquisitions in a record time

(3 years)

Selective approach with limited amount of cash deployed: €0.7bn

Baltics

Scale Reach Portfolio Scale Reach Portfolio


Worldline today: a unique pan-European payment champion, with an unrivalled industrial scale and reach

10% Market Share in Commercial Acquiring1

20% Market Share in Financial Processing2

European e-com. PSP3

#1

#3

#1

European leadership at scale PSP ranking in the EU (European revenue in €m)

22

#1

In the DACH region, in Benelux, in France and in the Baltics

c.2.2m Payment terminals managed worldwide

c.2.3bn Card

transactions processed per year

Merchant services Leadership

Financial services

0 400 800 1,200 1,600 2,000

+

+

+

Source : Company filings • Worldline: European revenue excluding terminals • Wirecard based on previous year split by geography • Ingenico: “Transactions” revenue • First Data: EMEA revenue; Fiserv: revenue outside the USA

1 Non bank acquirer in continental Europe excl. Russia – Source: BCG 2 in number of transactions processed in UE – Source: ECB 3 online acceptance in number of transactions – Source: Nilson Report 2017; company information and BCG analysis

c.125m Cards under management

c.11 bn Payment card transactions

per year

c.13 bn Non card

transactions per year

MeTS

2m+

Connected objects

€16bn+

Travel ticket sold per year


Source: Worldline analysis

23

Full coverage of the payment value chain

Full presence across the value chain fostering synergies and flexibility to serve both local and international markets and all categories of merchants

Payment Service Processing in EU

Issuing Transaction Processing

Service to Cardholders and Issuers CSM

Credit / Debit

Transfers Services to Merchants

Acquiring Transaction Processing

Commercial Acquiring

Acceptance POS

e-commerce

Services to New Digital

Business

Core Offering Non-core Offering

Full Suite of Agnostic Payments Solutions for Clients

Merchant Payment Services

Issuing Processing

Account Payments

Trusted Digitalization

E-Ticketing

Merchant Digital Services

Acquiring Processing

Digital banking

eConsumer & Mobility

Merchant Services

Financial Services

Mobility & E-Transactional

Services

Secured connectivity

Open payments (Tap2Use)

Fraud Detection

Online Services (omni-commerce

solutions)

Strong authentication

services

Worldline is present along the entire value chain resulting in an unrivalled positioning in the payment ecosystem


A premium brand with sustainability at the core of its business

model

24

Building clients’ trust with fully available & secured platforms 1

Reinforcing value for clients through sustainable & innovative solutions

2

Being a responsible employer by revealing our employees’ potential

3

Endorsing our business ethic within our value chain 4

Leveraging the eco-efficiency of our data-centers and offices 5

55/100 5th/45

47/100

2016 2017 2018

81/100 1%

76/100 1%

64/100 3%

58/100

87/100

86/100 7th

85/100 9th

75/100

2015

AA 4th

78/100

5th/199

Products & services

EXTERNAL

Programs & policies

INTERNAL

Worldline Contribution to the United Nations SDGs

Steady year-on-year improvement of Worldline CSR ratings demonstrating commitment to CSR excellence

Worldline in the top 1% of the most invested companies in terms of Corporate Social Responsibility (CSR) Source: ecoVadis

A growing and resilient environment with attractive fundamentals


Regulatory push towards electronic transactions (PSD2, Instant Payment…)

In 2020 ecommerce sales will account for 14.6% of total retail spending (5)

Mobile commerce will reach 70 percent of digital commerce sales globally by 2022 (6)

Growth of digital commerce

Increasing range of payments options Digital Banking

108 Bn non cash Transactions in Europe (1)

Our addressable market is structurally growing and highly resilient thanks to regulation, societal macro trends and technology

Open Payment will grow to $ 14.19 bn by 2023 with a 19.7% CAGR (3)

Global mobile payments will exceed 65 bn in 2021 (2)

2016 2021

151.1 Bn non cash Transactions in Europe (1)

(1) Source: Capgemini Financial Services Analysis, 2018; ECB Statistical Data Warehouse, 2016 Figures released October 2017; BIS

Red Book, 2016 figures released December 2017; Countries central bank annual reports 2017.

(2) Source: Instant Payment and post PSD2 landscape, Ovum Ovum Mobile Payments Forecast 2014-2021.

In 2027, Instant Payment will account for c. 30% of e-commerce spending (2)

(3) Source: Infoholic (4) Source: “Annual Digital Payments Study”

(Visa, 2017) (5) Source: eMarketer 2016

(6) Source: McKinsey - Global payments 2018

77% of Europeans use their mobile devices to keep track of their finances and make everyday payments (4)

62 % of Europeans check their balance or access other services through a banking app (4)

+c. 7% CAGR in Europe

26

Secular underlying trends reinforcing the resilience profile of Worldline’s business model


The European Payment market in need of a lead consolidator with

Worldline’s solid track record, financial flexibility and ambition

27

Consolidation has mostly taken place in the US Europe is initiating the 2nd consolidation wave VS

Top 10 US Payment players (Ranking based on 2017 revenues) Top 10 European Payment players (Ranking based on 2017 total revenues)

Worldline’s ambition, more than ever, is to lead the next wave of consolidation of the European payment market

Pursuing the external growth strategy implemented since IPO Focus on Merchant services and Financial services opportunities in Europe

Leveraging European intimacy, rejuvenated strategic flexibility and availability of numerous opportunities

Single currency and harmonised regulation drove the US consolidation in Payments

Recent M&A transactions led to the emergence of 3 mega players with $10-15bn revenue

Euro adoption, along with PSD2, MIF, SEPA, and EMVco regulations have created favourable conditions for market consolidation

Largest European economies now expected to be strongly involved in the second wave of consolidation

Top 3 European largest players generate only

57% of top 10

players’ consolidated revenues

Top 10 players

generate €11bn

Player #2

Player #3

Top 10 players

generate $60bn

Player #2 Player #3

Player #1 Top 3 US largest players generate 75%

of top 10 players’ consolidated revenues

New 2019-2021 roadmap: “More of the same but stronger”


Key strategic axis of the 3 year roadmap:

Accelerating the company based on demonstrated track record

Fully leverage Worldline Pan-European competitive advantage

Maintain commercial focus on large outsourcing deals and new bank alliances

Grow above market Worldline online and omni-channel payments, leveraging One Commerce Hub and digital banking

Ensure successful market breakthrough with latest differentiating offers

Enable fastest possible delivery of SIX Payment Services and equensWorldline synergy plans

More than ever, maintain an absolute priority and focus on the next wave of European payment consolidation opportunities

SCALE & REACH

LARGE DEALS EXPERTISE

INNOVATION & INVESTMENT

FOCUS ON ONLINE

INTEGRATION KNOW-HOW

M&A TRACK RECORD

Make Worldline the n°1 payment industry employer brand through talent & expert attraction and developments policies and Tier 1 CSR achievements

29


Adapting corporate governance and preparing for the full standalone status

30

Adapting the corporate governance

• Increase from 4 to 6 independent board members (out of 12)

• Reduction from 5 to 3 of Atos appointed board members

• Worldline CEO full time dedicated to Worldline

Improving corporate structures

• Disentanglement from Atos IT systems and mutualized support functions

• Fast termination of service agreements

• Strengthened corporate teams and internal IT systems

Designing our future cooperation with Atos: the Atos & Worldline Alliance

Internal and external communication activities with all stakeholders

• Comprehensive industrial, technological and commercial alliance • HR Mobility programs • Mutually beneficial arm-length cooperation • Joint-governance


Taking advantage of the projected stand-alone status: 3 new strategic levers for a rejuvenated M&A potential

31

Proposed distribution by

Atos of 23.5% of Worldline’s shares

and

deconsolidation of

Worldline from Atos Group

Renewed ability to welcome new banking communities in Worldline through further capital increase

Standalone computation of Worldline’s net debt to EBITDA financial leverage ratio

Significant improvement of Worldline’s share liquidity


Largest EU countries still to participate in Payment

industry Consolidation

France, Spain, Italy, Sweden, Portugal, …

Rejuvenated Strategic flexibility

to adapt to each specific situation

Equity – cash & debt – JV –

Alliances & industrial partnerships

Bank-friendly strategy

& recognized track-record

of value-creative and

optimized M&A transactions for Banking communities

Reload firepower to proceed with new M&A in the background of next consolidation wave


2019-21 ambition

REVENUE

OMDA

FREE

CASH

FLOW

Previous

2017-19 - 3 year plan -

After H1 2017 at a slight positive growth

5% to 7% organic CAGR

+350bp to +400bp Organic margin improvement

in 2019 vs 2016 pro forma of c.18.5%

€210m to €230m in 2019, i.e. over +50% increase vs 2016

7% to 8% organic CAGR over the 2018-2021 period

+400 to 500 bp* Organic margin improvement in 2021 vs 2018 proforma

€370m to €410m in 2021, i.e. between +75% and +95%

increase vs 2018

*: excluding impacts from IFRS16 adoption

New

2019-21 - 3 year plan -

33


6% to 8% organic growth REVENUE

Between 24.8% and 25.8%* OMDA

Between €275 million and €290 million including synergy implementation costs

FREE

CASH

FLOW

*: Corresponding to an initial guidance of 23% to 24% pre IFRS 16 impact estimated at c.+180 basis points on OMDA.

2019 objectives

34

2019-2021 3 year Financial Ambition


Worldline + SIX Payment Services

2018 pro forma revenue and OMDA

Worldline 2018 Pro forma revenue

Worldline 2018 Pro forma OMDA%

c. € 560m

c. € 1.7 bn

c. € 2.2 bn

Worldlinestandalone 2018

revenue (1)

SPS 2018 proforma revenue (1)

Worldline 2018 proforma revenue (1)

c.22.7%

c.17%

c.21.2%

Worldline standalone2018 OMDA (1)

SPS standalone 2018OMDA (1)

Worldline 2018 proforma OMDA (1)

36


T R E N D S R E V E N U E

Main 2019 – 2021 revenue growth drivers

Worldline’s 2019 - 2021 objective: Between 7% and 8% revenue CAGR

• Improved geographical mix • Favorable product mix (more online, less terminals) • Strong trends in commercial acquiring and launch of new

generation of payment terminals • Top-line synergies with SPS

• Strong pipeline of large and medium size opportunities • Leadership position avantage in Europe • Recurring project activity driven by regulation and spot-

on offering

• Solid pipeline of opportunities • Ramp-up of volumes on existing platforms • Internationalization of key offerings

MS

FS

MeTS

• High single digit growth rate

• Above 5% growth rate

• MeTS average growth rate in line with the Group over the period

37


T R E N D S R E V E N U E

Main 2019 – 2021 OMDA improvement drivers

MS

FS

MeTS

• Scale effect • Expansion in online

payments

• Operating leverage • equensWorldline:

€15m phase2 synergies

• Focus on most profitable offerings with large scale

• Optimization of delivery models • Gradual benefit from increased

volumes on maturing platforms

• From low twenties in 2018 PF

• To high twenties in 2021

• From high twenties in 2018 PF

• To low thirties in 2021

• c.12% in 2018 PF

• Progressing over the period and targeting 15%- 17% in 2021

SPS s

ynerg

ies

TEAM

² e

ffic

iency p

rogra

m

+400bp to +500bp OMDA margin improvement in 2021 vs 2018 PF

38


Capex

Between 5% to 6% of revenue over the period

Change in working capital

Assumption: slight contribution

Acquisition costs and synergy implementation costs

Yearly synergy implementation costs in line with incremental OMDA synergy benefit

Tax rate

Tax rate based on ETR at 24%

€370m to €410m in 2021,

representing between 75% and +95% increase compared with 2018

Free cash flow main assumptions

39


Cash and Profitability: the way to continue to grow Mid-term leverage target of 1.5x to 2.5x net debt/OMDA

Financing capacity available in 2018

Additional financing capacity over 2019-21

Note: (1) Max leverage

Estimated M&A firepower of circa €1.4bn in 2018 without capital increase, exceeding €3 bn by the end of 2021

c.€1.7bn c.€1.4bn

Worldline 2018 net treasury

position

2.5 (max leverage)

x 2018 PF OMDA

2.5 (max leverage)

x OMDA from potential new acquisitions

Immediate available financing capacity

2019-21e FCF

2.5 (max leverage) x 2021e vs 2018e

OMDA improvement

Further financing capacity

40

presentation to investors - april 2019 - world line · merchant services 138.1 +111.4 +1.3 250.8...

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